Geithner seeing signs of recovery
WASHINGTON (Bloomberg) - Treasury Secretary Timothy Geithner said signs of economic recovery are "stronger" and have appeared "sooner" than expected, while reiterating it is not yet time to roll back stimulus programmes.
Financial conditions have improved "dramatically", particularly in the US, where the housing market has stabilised, Mr. Geithner said in a statement issued in Istanbul on Saturday. Still, jobless rates are "unacceptably high" and the financial system remains damaged.
As a result, it is too soon for governments to withdraw stimulus, Mr. Geithner said.
"Planning for an eventual exit is the responsible and necessary thing to do, but we are not yet in the position where it would be prudent to begin to withdraw fiscal and monetary policy support," Mr. Geithner said in remarks released after a meeting of finance ministers and central bankers from the Group of Seven (G-7) nations.